When an Agent Buys a Home – Part IV

photo credit: David Watson

My goal in working with Buyer clients with a contract to purchase a home is always to make the Closing a non-event. I strive to make sure all the footwork is done beforehand so when we sit down at the Title Company to sign the forest of documents that is a real estate transaction there are no surprises. That means all the items in the contract have been addressed, and the financed money is final and has been wired to the Closing Company.

As the day for closing approached, the lender had been in constant contact and had the figures ready. The Title Company had prepared the settlement sheets for review. It is very important to look through these figures carefully as any concessions may not be called out specifically. Rather, numbers that would typically appear under the Buyers column will be in the Sellers, and potentially vice versa.

The big lesson I learned in this transaction as both the Buyer and the Agent is to have the money transferred into an accessible account several days in advance. I knew where the money was coming from and which bank was going to generate the certified check. All I needed to do was authorize the transfers in time to make sure everything cleared and the bank was willing and able to create the check. I almost waited too long. So my recommendation is get your money in a pile early so you don’t have to stress over your cash at closing.

We did a final walk-through at the property on the way to the Closing. We entered the Closing Company with check in hand and everything proceeded without a hitch.

Now we own a house and have 3 days to get out of the condo before the renters move in. This is a great move in the current housing market; especially for Buyers out there worried about selling their existing home or condo in this market. We decided to keep the condo as an asset and take advantage of the slower housing market to step up into a bigger property. The rental property has some nice benefits to it including: expense deductions, unit depreciation, market appreciation in time, and pay down on the existing debt. Having a quality tenant to occupy the space on short notice was very helpful to the whole transaction

It’s Go Time! Why is MOVE a four-letter word? Buy a house and find out. I’m serious. If it has been a while since you’ve moved I would recommend everyone to pick a weekend to box ALL your stuff and move it to the garage and then back into the house. At the very least it will be a good workout. Actually, our move went as smooth as can be expected. We didn’t use a moving company but I will certainly consider this option next time. Family and friends helped at critical times and we a settling into the new space. The dog is loving the backyard and is keeping a close eye on all the squirrels in neighborhood.

The entire experience was a great learning opportunity for me and my clients will benefit from it. The better I can see the world through their eyes the better agent I will become. So if you know anyone looking to buy or sell a home, give me or the team a call and see how we can help you. And if you need some cardboard boxes I’m giving those away while supplies last!